Property Taxes in Fort Bend, TX with Ft. Bend County Realtor Bret Wallace

What’s up everyone Brett Wallace here your Fort Bend Texas realtor wanted to do a short vlog today, on property taxes in Fort Bend County I hear the word. Taxes and I want to put a hat on kind of get a little more incognito just kidding just kidding, um, so property taxes in Texas anywhere else. You know, Texas is a no inc state income tax um, so they have to create revenue in other places. So the property taxes in Texas are a little bit higher and in Fort Bend, even amongst that they’re higher than the average. But you get what you pay for. So let’s dive into property taxes in Fort Bend um. So you know different counties. Neighborhoods different municipalities have different rates because of the infrastructure in place. So you know somebody can’t say: oh the tax rate, the property tax rate in Houston or Fort Bend, county or Katie is 3 or 2 8. You know we can blend it but you know you it’s the older the subdivision typically it’s a little bit lower rate you know. Tax rate, so um, overall property taxes in the state of Texas are the sixth highest in the nation, with an average effective property tax rate of 1 83 compared to the national average of 1, 08. Okay, so Fortman county is the tenth largest county in Texas, but it has the highest average property tax payment in the lone star state. So 2 23 is the effective tax rate, which is more then double the national average. Again, the biggest expenditure of taxes line. Item of your tax dollars in Fortnite county are going to the schools, so whether you have children that you’re utilizing schools or not um it’s imperative. All my people are like hey. What does this neighborhood have good schools? This is that’s like the first or second question I get from everyone when they’re buying a home that has children and for the people that I’m selling homes. To that don’t have children say: hey your resale value. You may not utilize those schools, you may send your kids to private school or charter schools, but again you want to be in an area with better schools For resale value too. So um. You know everything:’s relative, okay, so um there. There was an article in late august of 2020 that the Fort Bend County judge, KP George, announced that foreign county residents would see a reduction to their 2020 property tax rates. So you know there might be a little alleviation. There might be a little lowering um, but I’m not holding my breath on big Dramatic drops. So let’s just dive into Fortman County property tax rates in comparison, okay, So the average effective rate like I said for the United States is 1 08 um, but those are considering a lot of states and factoring a lot of states that charge seven. Eight. Nine percent of Income tax state income tax and other taxes in cities. When I started thinking about California Additional taxes beyond that, so 1, 08, okay um, the average effective rate in Texas, 1 83. A lot of rural communities a lot of rural areas throughout Texas. You know this 2 23 is the average effective tax rate of Fort Wayne County. So I don’t mean to scare you, but I see tax rates in the threes all the time and those neighborhoods tend to be the Ones that everyone wants to move to. They have new facilities, new drainage, new water treatment, New sewage, new facilities, new mud districts, just the infrastructure. There is just awesome: Um, the schools are awesome, so um. Where does the revenue from property taxes go? Might you ask okay, Um two components for property tax revenue? The first one is debt service and the other one is for Operations and maintenance. Okay, so um that’s, where the majority of your money,’s, going: okay, Um how To compute your property taxes. You can do this an easy way. Um! Look at your property tax bill or the central appraisal district which in Fort Bennett,’s, fbcad, org or Fortbend centralappraisaldistrict org, Your value, your home, might be valued at 300, 000. Okay, If you’re at a 3 tax rate that’s nine grand right. Okay, 1 of 300 000 is three grand three times that’s nine, so um. You basically divide the value of your house by a hundred dollars, And then you multiply it by the tax rate That’s the calculator way to do it. Okay, So um the assessments are sent out on the first of the a year or in January of that year. So I get the most of the videos that I get. The most traction and feedback on are protesting. Your tax value, Your assessed value videos and I’ve gotten many phone calls and I’ve actually got um. I’ve listed A gentleman’s home because that’s how we met – and I helped him fight his taxes. You’re not always successful, but I always say: Hey, doesn’t hurt to try to fight So um talk to your local realtor, Wherever you’re at, and this goes for anywhere in the country that allows you to protest. Your taxes Get with your local realtor or somebody you trust and try to see. If there are values out there that Support you finding it and trying to say no. My property’s not worth 300 000. It’s worth 285 One across the street just sold five months ago. For that price, So always try to fight your taxes. All I can say is no Um, and so you have until at least how it is in Fort Wayne county. You have until May 31st to say: Hey, I’m going to protest My value and you can do it online or in person As of late. Most people are doing it in online, so um, I’ve done it both ways. I’ve been successful and I’ve lost right, but it doesn’t mean I’m not to try so um. You can always reach out to me to try to help you On your Fort Bend or Houston area taxes based on your tax rate. Your tax assessed value. I’ll try to help you um homestead exemption, another crucial thing that is important when you’re talking about property taxes. If you are an owner occupant at your residence, it’s, your personal homestead, you have to file for A homestead exemption. If you buy a home in June of a year and the current homeowner had a homestead yeah, you can piggyback off that for the rest of the year. But you need to file on your own that January or if you build a new home, you have to file. You have to be in the home by December 31st of that calendar year to get it the next year. If you close on January, 2nd good luck, you have to wait for a whole another calendar year. You have to be in the home at midnight uh when the clock strikes For the new year. Okay And you need to file it’s, a homestead exemption form. It’s easy. They get your driver’s license. They want to match up the address. The driver’s license to the homestead exemption Form. There are, of course, other exemption forms out there. There are agriculture exemptions, there’s over 65 exemptions. There’s um the veteran exemptions, so um, you know to get with your realtor, get with your central appraisal district wherever you’re at, but in Fort bend it’s, fbcad org, Um, again get these things filed on time, reach out to your realtor. Your the person that should be guiding you through this process, especially the first year, um that you are new in A property to make sure that you’re capitalizing on all the discounts that you rightfully deserve. Who wants to pay more in taxes right right? Not me, okay Um, so when property taxes do statements, start getting mailed out, at least here in the fourth quarter October, 1st um, they’re due in January the following year, you pay taxes and arrears so February 1st comes around they haven.’t got their previous year:’s taxes. There’s going to be some furniture moving right. There’s me some spark flying just kidding, but they’re going to start levying penalties and and assessing damages or late payments. Late fees, all this good stuff, if it gets too crazy and goes so far um beyond in the next year. You know you start getting nine ten months delinquent And they’ll turn off your water. They can do that. Definitely So um last question or Last the last point on the vlog here I wan na address: can property taxes be paid in advance, Um yeah. You know your tax assessor collector. They’ll, take your money. They’ll. You can escrow them. They’ll. You can pay them in advance and add up your account so that way, when it’s due it’s Already there So um. You know those are some fun facts about property taxes in Fort Bend County. It is higher. You know there’s. No doubt, but you get what you pay for, and no one around here Is complaining about property taxes. I can tell you: I live in Great Wood, Sugar, Land and my tax rate. I think 2, 4, 2, 5 and I’m blessed. I feel that’s, not even that bad um and gladly pay it to be where I’m at and you know, have great schools, great services in the city of Sugarland and um yeah. So if you have any questions about property taxes in Fort Bend, County or anywhere else in Greater Houston, please give me a call. My phone number is on the website, my email, you can reach out to me. You can um email me through the website. So again, thank you so much for Watching this vlog, let’s have it let’s have a great one. Everyone, okay, Talk to you soon. Bye

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Board of Equalization

The Board of Equalization is a body independent of the Assessor that provides an impartial forum for property owners to appeal the property value assigned by the County Assessor. Appeals are heard by the Board of Equalization members and cover cases involving property tax value, denials of senior citizens disabled exemptions and property classification such as forest and agriculture land. The Board of Equalization is completely separate from the Assessor's Office. We're overseen by the Department of Revenue. The board members are appointed by the county councillors and the people need to know that we're here to assist them with appealing their property valuations that are placed by the Assessor's Office and this is a venue that you can come and try to prove that the assessors valuation is incorrect and the board can make a reasoned decision if you're presenting the correct information and very easy.

We're happy to help. We're happy to educate. Just want every person out there to know that this is a venue that they can access for free. Hearings are every other week from 9 a.m. until 12:00 p.m. Residential hearings last 15 minutes each. The appellant is sworn in and the hearing is recorded for public record. If they're in a housing area which we're all built by the same builder it's it's pretty easy to do they can find properties that are very similar to theirs and find out how much they're sold for and how much theirs is valued and if there's a big disparity obviously if that's sold for a lot less than their property is valued for that would be a key factor for them to start looking at.

Then they would go on the website and look at properties that are comparable to theirs that they've they've already targeted and then there will be other properties available that they can see if they go on the Property Information Center website and they can find properties that are similar to theirs and compare them and see what is out there that have sold. Appellants must submit any supporting information at least 21 business days prior to their hearing as proof for their case. The board will review their case prior to their scheduled hearing. Following the hearing the board meets in executive session to discuss the testimony and information provided and decide on the case. We promise we give a decision back within 30 days and generally speaking it's usually within a week and a half or so.

But clearly within 30 days if we have some conflict then you might take that full 30 days. But for the most part it's sooner than that. They can then apply to the state for an appeal to the state and when we encourage them to try to get everything they can possibly get done here before they go to the state because the wait at the state is a minimum of two years at this point or maybe even longer. If you have any concerns about the assessed value of your property and you can provide documentation indicating a different value for your property then you should appeal your assessment. This is your legal right and it is free. The only thing I would urge people is to not be afraid of this process. They are welcome to come in. These are open hearings. They're welcome to come in and visit a hearing at their leisure whenever they have the opportunity and see how it's run and go from there if they're afraid to even think about it they can come in and visit and we'll go through the process with them.

For more information about the board of equalization or to fill out an appeal form. Visit their website..

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How property taxes are calculated? (and how it affects buying a home)

Property taxes, how are they assessed, how do you pay them, how are they calculated.

And remember, if this is your first time on this channel and you want to get the latest strategies from the experts, hit the subscription button below, hit the little notification bell so you don’t miss anything. So how are property taxes calculated? So that’s one of the main questions that we hear actually.

Property taxes are assessed by the city and it will be calculated based on the size of your actual land, any amenities in the area, perhaps a school is going up, perhaps a certain bus station is coming about.

So that’s typically how they’re assessed. How are property taxes actually assessed? Like what actually does an assessor go in and do, to actually figure out the amount that you pay?

So this is one of the main questions people will ask. Usually the assessor will look at the size of your property, they’ll look at the size of the home, the square footage that’s sitting on that piece of property. It could be that it’s a corner lot. It could be that it’s a pie lot you have a little bit bigger of a lot. And then of course the amenities in the area.

If there’s a grocery store, if there’s a school in the area. And do they also take into account how many years that house like how old that house is? And then how do property taxes actually affect my personal taxes? So, if you actually have your own home business for example, you have an office out of your house, you can actually have deductions and tax write offs based on that.

And are property taxes based on the assessed price, or the actual purchase price of the house? Based on the assessed price. So, the property taxes will be valued off of the size of the land typically and then the house that sits on that piece of land. And how often are they paid? And how are they paid? You can pay them by 2 choices.

You can pay once a year or you can have them put it onto your mortgage and you can have it as a monthly payment. – And if you do put it on your monthly mortgage, it’s up to the city to increase it or decrease it every year right?

– Would you expect any increases or decreases within the year? Or is it usually they give you an assessment at the beginning of the year and that’s how much you have to pay? – They’ll give you an assessment once a year, typically at the beginning of the year in the spring.

And then it’s from there if you want to choose to pay it once or if you want to pay it monthly. And earlier you had asked about how they’re paid, so you will actually go into your financial institute or call them to put onto your monthly taxes, so any bank or branch.

And they’ll pay it to the city for you. – And is it pretty much an expectation of property taxes will increase every year? – They typically do.

They can stay the same, they do typically increase each year. And is there anybody exempt from paying property taxes? – There are actually. So some indigenous cultures can be exempt, some veterans, some seniors. So there are certain parties that can be exempt from property taxes.

And you can go online actually onto the government website and you find out to see if you’re exempt.

Okay. So you have anything else to add in terms of property taxes?. So the question of the day I have for you is, did potential property taxes on home actually influence your decision of buying that home?

Let us know in the comment section below. And remember, if you enjoyed this video, or found it helpful, hit the thumbs up button, remember to comment, and remember to subscribe. Thank you, and we’ll catch you next time. Tune in next time for more expert tips and tricks to bring you one step closer to finding your dream home.

Also please let us know if you have any home buying questions you want us to answer. Read More: Property Tax Appeal Consulting Business Opportunity

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